Financial Advice NZ is holding a two-day training programme in August designed to equip advisers with the knowledge and skills to consult, analyse and implement effective solutions to manage the financial risks in microbusinesses caused by the loss of a key person.
The organisation says its Microbusiness Workshop will build the skills advisers need “…to advise and implement solutions that enable small business owners to reduce the negative financial consequences to their business and prevent the domino effect on their personal wealth and income if they become disabled or die.”
It notes that more than 70% of New Zealand businesses are sole owned (or held within a close family unit) and employ one to three people.
“The tight inter-dependence between the physical effort of the owner to generate the business revenue and the business to generate income for the owner means that their inability to work will result in a domino effect from the business to the owner’s personal life,” Financial Advice NZ says.
The organisation adds that as the personal assets of the owner, such as their home, are typically the primary source of security over business debts “…the domino effect will flow through to their wealth if the loss of the owner results in the business being forced to wind up”.
…Effective risk management strategies enable a small business owner to manage the financial consequences in the business and protect their personal wealth and income…
“Effective risk management strategies enable a small business owner to manage the financial consequences in the business and protect their personal wealth and income against the events of death and disablement.”
The course is facilitated by Cecilia Farrow Consultant and Founder, Thrive Consulting, and Head of Professional Development, Financial Advice NZ. She has over 25 years of experience in the life risk financial services sector during which a key focus has been lifting the professionalism of financial advice.
Financial Advice NZ says learning outcomes include:
- Understand and can articulate the service proposition to a microbusiness owner
- Have the knowledge of how to conduct the microbusiness consultation process to uncover the situation, problems and needs of the business in respect of the key person
- Understand how to undertake financial analysis to assess the business requirements for continuation and wind up
- Have the knowledge of how to identify and match insurance solutions to the financial risks
- Understand how to create a risk plan and present the plan to a business owner
- Understand how to present a business case for financial underwriting
The course will be held for two full days on August 14 and 15 in Auckland and includes 15 structured hours of CPD. Registrations close August 11.
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